Loan size ranges from Rs 8,000 to Rs 2 lacs; ultra-short term loans on mobile apps are becoming a fast reality for Millennials and Gen Z

Launched in 2015, EarlySalary, which claims to be India’s ‘largest tech enabled’ digital lender and fintech startup, focuses on helping young working professionals get instant loans and salary advances in minutes for their last minute cash requirements. With over two million app downloads and nearly Rs. 250 crore of instant loans disbursed across the country, companies like EarlySalary are becoming the first line of credit for young working Indians.

EarlySalary is a short term, small amount loan given to salaried Individuals. These loans are similar to a salary/cash advance or credit card cash withdrawals. Coupled with algorithm-based decision making which gives better risk assessment and helps go beyond financial underwriting, EarlySalary aims to do more prudent risk assessment and lend better. EarlySalary also allows its users to shop for products and services whilst using the EMI option across key online and off-line retailers. Customers can get up to 3 months instant credit to make bookings for movie tickets, travel tickets, hotels and pay their utility bills via a simple chatbot interface.

EarlySalary will offer a quick fix ‘Fatafati cash’ solution (Super-fast instant cash) for month-end cash crunch needs to young working professionals in Kolkata, a city in which they recently launched operations. Kolkata offers a large market potential for consumer fintech companies, being the third most populated city in India. Recently, it has also been announced that the government will be setting up ‘Silicon Valley Asia’ in Rajarhat, to attract investments and create employment in the IT industry. EarlySalary foresees a significant possibility of being successful in Kolkata, where young salaried professionals who have just begun their career need a helping hand at the end of the month. The company says 50,000 potential users from Kolkata have already downloaded the app.

Akshay Mehrotra, cofounder and CEO of EarlySalary.com said, “We are excited to start our operations in Kolkata and introduce instant salary advances and loans to India’s third largest metro city. Pohela Boishakh, the first day of the Bengali calendar, is indeed a significant day for each and every Bengali. Hence, EarlySalary with its launch in Kolkata aims to multiply this festivity & cheer by offering Kolkatians instant cash loans. We are confident that EarlySalary will become the preferred choice of instant credit for young working professionals in Kolkata.”

He also added, “EarlySalary uses machine learning based decision making for better risk assessment and go beyond financial underwriting. It also combines credit bureau reports with social media details of the user and takes a decision of granting a loan within few minutes. With real time processes, machine learning enabled scorecards, alternate data for decision making and real time transfers, EarlySalary aims to further expand its customer base.”

EarlySalary aspires to join the unicorn club this year following a rupees-100-crore-funding-round in January 2018 from Eight Roads Ventures and existing investors IDG Ventures India and DHFL.

While concentrating on providing instant loans to young working professional, EarlySalary is now also focusing on introducing more features like PayLater options, Credit Limit transfers for digital wallets and EMI options for shopping.

With the Kolkata launch, EarlySalary will now have a presence in a total 15 cities in India. Other than Kolkata, EarlySalary is present in Bangalore, Chennai, Mumbai, Pune, Delhi/NCR, Hyderabad, Vijaywada, Ahmedabad, Jaipur, Coimbatore, Visakhapatnam, Mysore, Mangalore and Chandigarh.